Charitable bequests are gifts
made from your estate, after your death, as a result of provisions in your
will. Bequests enable you to preserve assets during your life and make
gifts only after you have adequately provided for loved ones and yourself.
Charitable bequests can provide
for the contribution of a
specific amount or a percentage of your
residual estate,
meaning what remains after all debts, taxes and specific bequests have
been paid. Bequests can be
outright or
contingent, meaning
only in the event that loved ones do not survive you.
Charitable bequests are
revocable until death, hence there are no income tax benefits. Bequests
do, however, qualify for an estate tax deduction if you have a taxable
estate.
Language to include a gift to
Haven Of Rest Ministries, Inc. in your will is:
·
Specific
bequest of a dollar amount, shares of stock, parcel or property or other
asset:
I give, devise and bequeath to Haven Of Rest Ministries, Inc. in Anderson,
SC, the sum of $__________(or __________ shares of stock of
________Company, or specific property).
·
Residual
bequest, meaning what remains after all debts, taxes and specific bequest
have been paid:
I give, devise and bequeath all (or ________%) of the rest, residue and
remainder of my estate, both real and personal, tangible and intangible,
to Haven Of Rest Ministries, Inc. in Anderson, SC.
·
Contingent
bequest, meaning a gift only in the event that designated loved ones do
not survive you:
I give, devise and bequeath the sum of $________ to ____(name)_____
provided he/she survives me. In the event he/she predeceases me, I direct
that this sum be paid to Haven of Rest Ministries, Inc. in Anderson, SC.
Your will should be drafted by a qualified estate planning attorney.
Wills should be reviewed periodically to ensure they are current with
respect to your personal wishes, circumstances and applicable laws.
